The global biochar market is estimated to be valued at $4.27 million in 2015, and it is expected to grow with a CAGR of 17.1% during 2015 - 2023. The factors driving the growth of the global market include improved soil fertility and crop yield, natural carbon sequestration property of biochar, increased government initiatives and stringent environmental regulations, and waste management potential. The increased government initiatives and stringent environment regulations are the key drivers for the growth of the global market. The increasing environment pollution, deforestation, and global warming caused by the usage of fossil fuels have created demand for biochar. The governments of various countries across the globe have initiated several projects and schemes to promote and encourage its usage. For instance, the American Power Act of 2010 has several provisions, which support the biochar initiatives.
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Similarly China, India, Brazil and several other countries in Europe are framing regulations to support biochar initiatives. Additionally, Biochar production result in efficient management of agricultural waste and other organic waste; while it reduces waste disposal costs and adds a new source of revenue generation. The increasing organic waste across the world is an indication of overconsumption, which results in polluted landfills and waterways, thus biochar production offers a better solution for this problem. Several companies, institutes, and non-profit organizations are actively involved in the research and development for sustainable waste management initiatives.
Geographically, the North American market is estimated to hold the largest share in the global biochar market in 2015. The North American market is growing mainly due to the increased demand for agricultural products and improved soil fertility and crop yield. The quality and texture of soil in North America is continuously degrading, due to the continuous usage of chemical fertilizers, deforestation, mining and aggressive agricultural practices.
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The information and data in the publication “Global Biochar Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Application (Gardening, Agriculture, Household), Feedstock (Agriculture Waste, Forestry Waste, Animal Manure, Biomass Plantation), Technology (Microwave Pyrolysis, Batch Pyrolysis Kiln, Gasifier and Cookstove, Others), Manufacturing Process (Gasification, Fast and Intermediate Pyrolysis, Slow Pyrolysis, Others)”, represents the research and analysis of data from various primary and secondary sources. A top down approach has been used to calculate the market size in terms of volume. However, a top down approach has been used to calculate the market size in terms of value. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed online and offline research.
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